Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.
Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.
The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).
Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.
Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.
Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.
Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026
Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.
Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.
Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.
Key Fiscal Measure
January–September 2025
January–September 2026
Total revenue
€11,353.9 million
€12,091.8 million
Total expenditure
€10,186.2 million
€10,482.1 million
Government surplus
€1,167.6 million
€1,609.7 million
Surplus as a share of GDP
3.0%
4.0%
Income Taxes And VAT Lead Revenue Growth
Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.
Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.
Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.
Some Revenue Streams Decline
Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.
Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.
Social Benefits And Personnel Costs Increase
On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.
Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.
Lower Capital Spending Limits Expenditure Growth
The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.
Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.
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